Why in news
A day after Nirmala Sitharaman flagged the issue of ‘forced selling’ of insurance products by banks, Debasish Panda, IRDAI Chairperson, introduced the Bima Sugam platform to address this problem.
Bima Sugam
Bima Sugam — an online insurance marketplace (like an e-commerce platform) for buying, selling, and servicing insurance policies as well as settling claims.
It will onboard all the companies that offer life and non-life insurance products under one roof.
Bima Sugam will serve as a unified platform, integrating with government databases, insurers, intermediaries, and insurance repositories.
It will fetch customer details, provide product information, and facilitate the purchase and servicing of insurance policies.
The platform is supported by the Insurance Regulatory and Development Authority of India (IRDAI).
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